The biggest chunk of bank-owned foreclosures have been among the least expensive properties. Cash rich investors are competing with first time home buyers to create price stabilization and in many cases multiple offers on any given property.
Our best advice is to be well prepared.
Preapproval from a bank is essential for an offer and in many cases cash is the only way to go. Proof of funds for the purchase price must be in hand as most offers are submitted the day the property comes on the market. There is only on chance for you to submit your "highest and best" offer and the frustration of many buyers is losing out on a property for only a small amount.
Do not expect any discounts on these bank-owned foreclosure properties due to such a high demand for these properties. The bottom of the market is NOW.
Monday, September 28, 2009
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